| April 25
April 25 WCI Communities has hired banks for an
initial public offering later this year, according to two
sources familiar with the matter, as the formerly bankrupt
luxury home builder tries to capitalize on a recovery in the
U.S. housing sector.
The Bonita Springs, Florida-based company has hired
Citigroup Inc and Credit Suisse to lead the deal,
the sources said.
The people asked not to be named because the matter is not
Under chairman Carl Icahn, WCI Communities filed for
bankruptcy in August 2008 after being hit hard during the
housing downturn and failing to obtain financing.
WCI Communities' bankruptcy filing was among the biggest in
builder bankruptcies, which also included Tousa Inc
and Levitt & Sons.
After eliminating $2 billion in debt, WCI emerged from
bankruptcy in September 2009 as a private company, with private
investment firm Monarch Alternative Capital as its largest
Last year, WCI reported sales of 461 new homes in Florida
which totaled $185.9 million, up 73 percent from the year prior.
Citigroup and Credit Suisse declined to comment. WCI and
Monarch could not be reached for comment.
WCI is hoping to capitalize on a rebound in the U.S. housing
sector, which has encouraged other companies including Taylor
Morrison Home Corp, Tri Pointe Homes Inc and
Boise Cascade Co to pursue IPOs.